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How Ethereum Is Used

Understanding Ethereuma Fullguide

Understanding Ethereuma Fullguide

Interested in the challenges between blockchains and the law founder of www.lawandblockchain.eu Ethereum is the subject of a lot of hype lately. It is praised by some as the new internet or the worlds computer and criticised by others as a platform that enables widespread scams and ponzi schemes to thrive. I see badly informed articles about Ethereum, smart contracts, DApps, DAOs, ICOs and tokens on the daily so it is time to analyse the subject. I will present the argument that Ethereum might form the main protocol enabling the internet of value. It is time to take a closer look at what Ethereum is, what it enables and what role it could play in the future. But first, we have to backtrack a bit. Time for a small reminder about the value of distributed ledger technologies. To put it briefly, a blockchain is a database that is secured and maintained by a large number of nodes worldwide. Data is stored in blocks, which are time-stamped and linked to each other to form a chain. The blockchain makes sure that all data stored in the chain is secure and immutable forever, which is what makes the blockchain so interesting. Through its consensus mechanism, the blockchain is trustless , which means that one does not have to rely on the trustworthiness of a counterparty. For the first time, the blockchain enabled a safe way to send value on the internet without needing a trusted third party. This led to the rise of Bitcoin and other cryptocurrencies. In essence, a Bitcoin transaction is just the execution of a piece of code stating that person A sent X amount of Bitcoin to person B. This transaction is self-enforcing. To execute, it first checks if there is enough Bitcoin in person As digital wallet and then sends the money to Bs wallet. In itself, this transaction is a piece of Continue reading >>

What Is Ethereum?

What Is Ethereum?

We dive into one of the world's most popular cryptocurrencies, from a simple explanation of what Ethereum is to some of the currency's uses and drawbacks(and what it has to do with cats). Think of Ethereum as bitcoins multi-talented, more versatile younger sibling. Bitcoin wasbuilt using a tech called blockchain to create a global, distributed ledger of transactions. This ledger or digital history is stored on hundreds of thousands of computers. So it cant be spoofed or changed. Its controlled by no one and secured by cryptography. Become an expert on blockchain in this live briefing. Well provide the definitions and analogies you need to know for bitcoin, blockchain, cryptocurrencies, and more. But bitcoin is limited in what it can do. On the strength of blockchain, bitcoin has grown into a trusted system for exchanging and storing value. But what if you want to negotiate an economic agreement or a future transaction? Put differently, where else might an unchangeable decentralized record prove useful? To answer this question, Ethereum used the same blockchain technology to create smart contracts, allowing programmers to create code that binds two parties to an agreement without an intermediary needed. Ethereum contracts have been created to distribute insurance payments, to run prediction markets, and more. Heres a quick take on how a smart contract works vs. a traditional contract: In this report, well explain Ethereum, a decentralized platform that runs smart contracts, and a protocol on which many teams are building new applications. In a previous explainer, we examined bitcoin and blockchain technology in depth . But well review the key concepts here as well before we dive in. Its hard to separate Bitcoin from blockchain technology. Still, if we were to define blo Continue reading >>

A Laymans Guide To Ethereum: How It Works And Why It Matters

A Laymans Guide To Ethereum: How It Works And Why It Matters

A laymans guide to Ethereum: how it works and why it matters While Bitcoin has been the landmark of cryptocurrency, Ethereum too has emerged from the shadows in the last few years as a worthy competitor. Proposed by Vitalik Buterin in 2013 and launched in 2015, Ethereum has taken the application of blockchain technology to new heights. While Ethereum is a cryptocurrency, it is not the same as Bitcoin. We take you through the basics of what Ethereum is, how it works, and why it matters. If you are new to the world of cryptocurrency, then you can refer to this basic guide before moving forward with this article. What is Ethereum and how is it different from Bitcoin? The first thing to know is that cryptocurrencies like Bitcoin or Ethereum are one of the many applications that are supported by blockchain technology, in the same way that email is only one of the many applications of the internet. Essentially a distributed public blockchain network that runs the programming code of decentralised applications (Dapps), Ethereum goes beyond being a cryptocurrency in terms of both purpose and ability. Bitcoin is a decentralised application that creates a P2P cash system, wherein users can transact in bitcoins. On the other hand, Ethereum allows developers to build and launch decentralised applications for any purpose of theirs, including creating their own cryptocurrencies. By distributing the processing power required to run these programmes between peers on the network, Ethereum essentially acts as a blockchain supercomputer. Moreover, due to the principle of consensus, apps on the network run exactly as programmed without any possibility of censorship, downtime, fraud, or third-party interference. The Ethereum network is fuelled by a currency called Ether. Not only is Ether Continue reading >>

How Does Ethereum Work,anyway?

How Does Ethereum Work,anyway?

Odds are youve heard about the Ethereum blockchain, whether or not you know what it is. Its been in the news a lot lately, including the cover of some major magazines, but reading those articles can be like gibberish if you dont have a foundation for what exactly Ethereum is. So what is it? In essence, a public database that keeps a permanent record of digital transactions. Importantly, this database doesnt require any central authority to maintain and secure it. Instead it operates as a trustless transactional system a framework in which individuals can make peer-to-peer transactions without needing to trust a third party OR one another. Still confused? Thats where this post comes in. My aim is to explain how Ethereum functions at a technical level, without complex math or scary-looking formulas. Even if youre not a programmer, I hope youll walk away with at least better grasp of the tech. If some parts are too technical and difficult to grok, thats totally fine! Theres really no need to understand every little detail. I recommend just focusing on understanding things at a broad level. Many of the topics covered in this post are a breakdown of the concepts discussed in the yellow paper. Ive added my own explanations and diagrams to make understanding Ethereum easier. Those brave enough to take on the technical challenge can also read the Ethereum yellow paper. A blockchain is a cryptographically secure transactional singleton machine with shared-state. [1] Thats a mouthful, isnt it? Lets break it down. Cryptographically secure means that the creation of digital currency is secured by complex mathematical algorithms that are obscenely hard to break. Think of a firewall of sorts. They make it nearly impossible to cheat the system (e.g. create fake transactions, erase tr Continue reading >>

What Is Ether?

What Is Ether?

Ether is a necessary element a fuel for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations. To put it another way, ether is the incentive ensuring that developers write quality applications (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources). If you just want to test the technology, you probably don't need real ether. Download the latest Wallet app and switch to the Test Network Check your ether presale balance safely here: The total supply of ether and its rate of issuance was decided by the donations gathered on the 2014 presale. The results were roughly: 60 million ether created to contributors of the presale 12 Million (20% of the above) were created to the development fund, most of it going to early contributors and developers and the remaining to the Ethereum Foundation 5 ethers are created every block (roughly 15 seconds) to the miner of the block 2-3 ethers are sometimes sent to another miner if they were also able to find a solution but his block wasn't included (called uncle/aunt reward) Note that after the Byzantium update is implemented, the mining and uncle reward is reduced to 3 ethers and 0.625-2.625 ethers, respectively. No. According to the terms agreed by all parties on the 2014 presale, issuance of ether is capped at 18 million ether per year (this number equals 25% of the initial supply). This means that while the absolute issuance is fixed, the relative inflation is decreased every year. In theory if this issuance was kept indefinitely then at some point the rate of new tokens created every year would reach the average amount lost yearly (by misuse, accidental key Continue reading >>

How Is Ethereum Different From Bitcoin?

How Is Ethereum Different From Bitcoin?

{{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. The author is a Forbes contributor. The opinions expressed are those of the writer. This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. Subscribe Answer by Samantha Radocchia , Emerging Technologies Entrepreneur and Scholar, on Quora : The Primary Difference Between Ethereum And Bitcoin: A Beginners Guide Todays hype surrounding Bitcoin, Ethereum, cryptocurrency, and blockchain technologies rivals the dot-com bubble in the 90s. There is a lot of money pouring into this space, and it doesnt seem to be slowing down anytime soon. Unfortunately, while the masses may be able to say, Yeah, Ive heard of Bitcoin, a large percentage of people still arent quite sure what it isand are even more confused about Ethereum. If youre even remotely interested in this space, consider this your beginners guide. The easiest way to define Bitcoin is to call it a digital dollar. Thats really all it isminus all the formal regulations that come with a bank (which is what makes it such a disruptive concept). Its not a technology. Its not a company. Its your money, held in a digital form. Anyone can create an account to buy and sell Bitcoin through websites like Coinbase. The price of Bitcoin then fluctuates based on supply and demand. However, now people are beginning to convert their Bitcoin into what are called tokens, which companies issue during an ICO, or Initial Coin Offering, which allows people to invest in a company by purchasing tokens with their Bitcoin. Based on the supply and demand of those tokens, their price (just like a share of stock after a company holds an Initial Public Offering, otherwise known as an IPO) goes up Continue reading >>

How Ethereum Became The Platform Of Choice For Icod Digital Assets

How Ethereum Became The Platform Of Choice For Icod Digital Assets

How Ethereum became the platform of choice for ICOd digital assets Jason Rowley is a venture capital and technology reporter for Crunchbase News . For most of the history of blockchain-based currencies and assets, the story has been all about Bitcoin. At a market capitalization of around $40 billion, it remains the most valuable cryptocurrency . But with the rise of a new chain on the ahem block, namely Ethereum , and new ways to fund the development of new crypto-platforms with ICOs, the narrative is shifting somewhat to the entire cryptographic asset class . Today, lets take a more in-depth look at some of the historical trends in the digital currency space, paying close attention to Ethereum and its role as the platform of choice for new cryptographic assets. The number of new digital assets is on the rise In roughly the past 12 months, the number of cryptocurrencies listed on CoinMarketCap.com , a main reference site for digital asset developers and speculators alike, has increased significantly. Below is a chart compiled from the count of cryptocurrencies listed on historic snapshots of the sites main table starting with the first snapshot on April 28, 2013 (featuring a whopping seven cryptocurrencies) and the most recent snapshot from June 4, 2017 . As of the June 4 snapshot, there were 809 cryptocurrencies and other digital assets listed on the main CoinMarketCap page. As ofMonday, June 5, 2017, at around 6:00 PM Central time, there were 857 cryptocurrencies and assets listed on the site. Between January 3, 2016 the first snapshot of 2016 and June 5, 2017, the number of cryptographic assets listed on CoinMarketCap grew from 551 to 857, an increase of about 56 percent in almost exactly 18 months. As the chart shows, the pace of growth in the number of crypto-back Continue reading >>

Five Startups Focusing On Ethereum Show How They're Using The Protocol - Business Insider

Five Startups Focusing On Ethereum Show How They're Using The Protocol - Business Insider

Keeping track of volunteer work and other socially beneficial activities Anne Connelly, CEO at ixo FoundationBecky Peterson/Business Insider Whatit's working on: CEO Anne Connelly and her team are developing a blockchain product that lets people log and then verify their volunteer jobs, charitable activities, and socially beneficial work, such as how many trees they planted, or how many hours they tutored a child. Once their activities have been verified in the system, the blockchain record of them can be used to apply for grants and subsidies. How its system is being used: As a pilot project, ixo workedwithUNICEF tobuild an app called Amply to help teachers in South Africa take attendance. The government there subsidizes preschool for lower-income kids, but the subsidies are based on attendance. Normally, teachers have to takeroll on paper and then physically submit their roll sheets, a time-consuming process. The app allowed teachers to quickly and easily take attendance on their mobile phones instead. Theoutlook on blockchain technology:"I think it's going to be massively pervasive in a year or two," Connelly said. "Typically they say with this level of innovation it takes a lot longer to happen then we expect, but when it does, it's much more impactful." Digitizing the power grid to offer lower cost electricity Matt Walters, lead architect at GridPlusBecky Peterson/Business Insider What it'sbuilding: Lead ArchitectMatt Walters and his team are developing avirtual energy grid that will sit on top of the national energy system. Once deployed, GridPlus will sell energy to consumers at a small premium to wholesale prices. The energy will be distributed using tokens essentially, digital coins which can be saved or passed to other people if they're not used. Since tokens Continue reading >>

Real Uses For Ethereum : Ethereum

Real Uses For Ethereum : Ethereum

I was explaining Ethereum to my friends and stumbled when I got asked few ultimate questions:- what is it used for in real life? - Why would any company use Ethereum instead of some other technology?- what is it really good for? Can anybody point me to some good resources or just share few examples. Because at the moment I can't think of any good uses for it myself. Continue reading >>

Ethereum: Everything You Want To Know Aboutgas

Ethereum: Everything You Want To Know Aboutgas

Gas keeps Ethereum Blockchain alive, thanks to it we can transfer Ether and other Ethereum tokens such as: GameCredits (GAME), OmiseGo (OMG) or Golem (GNT), it also allows to smart contracts to do their job. In this blogpost Im going to explain: what is Gas? how is it used? and why is it so important for the future of Ethereum? Important: Dont be misled by the Token named GAS which is something completely different. Ethereum blockchain is run by nodes that keep the blockchain state but also calculate new blocks. New blocks are needed to change Blockchains state e.g. move Ethereum from one account to another. Calculation of the new block is made by miners, to cover their effort transaction sender must pay a fee. Transaction fee depends on complexity of transaction sender wants to make, if its a regular send Ether transaction or more complex one like create smart contract (smart contract a special kind of the blockchain account, that can not only keep Ether but also computer program with its state). Sending Ether from one account to the other costs 21,000 Gas. On the other hand creating smart contract which is responsible for handling OmiseGo Token costed 1,197,977 Gas. So the more complex transaction, the more Gas we need to pay for its execution on Blockchain. Main complexity factors are: operations performed by the smart contracts code e.g. arithmetical operations data that is stored on blockchain e.g. storing information in the smart contract or updating an amount of Ether on the account We know more or less what Gas is, but how much does it cost? The answer is as always it depends. Each transaction sender (e.g. person who is sending Ether) is defining price of Gas for created transaction (e.g. 1 Gas = 0.000000001 ETH). If the price is high enough, transaction will b Continue reading >>

What Cryptokitties Shows About Blockchain And Sports Merch

What Cryptokitties Shows About Blockchain And Sports Merch

A kitten-breeding game for the Ethereum blockchain has driven people to spend more than $19 million USD since the game launched in November. CryptoKitties , in which users pay in ether (the token of Ethereum ) to breed and trade unique digital kittens a la trading cards, may sound like a trifle. But Nolan Bauerle, director of research for the bitcoin and blockchain news site CoinDesk, says the game demonstrates Ethereums serious potential business applications. Its the extension of that anti-counterfeit quality of all of these coins, Bauerle said last week at the Yahoo Finance All Markets Summit on cryptocurrency . CoinDesk research director Nolan Bauerle (R) speaks to Yahoo Finances Dan Roberts at the Yahoo Finance All Markets Summit: Crypto on Feb. 7, 2018. The homepage of the Ethereum game CryptoKitties shows on screen. (Gino DePinto/Oath) Indeed, the bitcoin blockchain, Ethereum, and other public blockchains are immutable, meaning that transactions are recorded permanently on the chain and cannot be altered, duplicated, or lost. Thus every digital kitten bred in CryptoKitties, as the game promises on its homepage, cannot be replicated, taken away, or destroyed. And thats where CryptoKitties can be applied to other business cases. Because they have this counterfeit protection, you can actually apply that to memorabilia, said Bauerle. So this is really the beginning of what were going to seeI think, anywayfor sports memorabilia, for the authentication of game-worn jerseys, and cards, and all kinds of other stuff. So its an important initial step in a use case that is only just getting to the point where people can deploy it commercially. Of course, you can apply Bauerles point to any item that relies on authentication to assure its value, such as fine art or celebrit Continue reading >>

Blockchain: A Very Short History Of Ethereum Everyone Should Read

Blockchain: A Very Short History Of Ethereum Everyone Should Read

Blockchain: A Very Short History Of Ethereum Everyone Should Read Opinions expressed by Forbes Contributors are their own. Even those who are not familiar with blockchain are likely to have heard about Bitcoin, the cryptocurrency and payment system that uses the technology. Another platform called Ethereum, that also uses blockchain, is predicted by some experts to overtake Bitcoin this year. Ethereum is an open-source public service that uses blockchain technology to facilitate smart contracts and cryptocurrency trading securely without a third party. There are two accounts available through Ethereum: externally owned accounts (controlled by private keys influenced by human users) and contract accounts. Ethereum allows developers to deploy all kinds of decentralized apps. Even though Bitcoin remains the most popular cryptocurrency, its Ethereums aggressive growth that has many speculating it will soon overtake Bitcoin in usage. While there are many similarities between Ethereum and Bitcoin, there are also significant differences. Here are a few : Bitcoin trades in cryptocurrency, while Ethereum offers several methods of exchange, including cryptocurrency (Ethereums is called Ether), smart contracts and the Ethereum Virtual Machine (EVM). They are based on different security protocols : Ethereum uses a "proof of stake" system as opposed the "proof of work" system used by Bitcoin. Bitcoin allows only public (permissionless or censor-proof) transactions to take place; Ethereum allows both permissioned and permissionless transactions. The average block time for Ethereum is significantly less than Bitcoins: 12 seconds versus 10 minutes. This translates into more block confirmations, which allows Ethereums miners to complete more blocks and receive more Ether. It is estimat Continue reading >>

Blockchain Used To Sell Real Estate For The First Time

Blockchain Used To Sell Real Estate For The First Time

Blockchain Used to Sell Real Estate for the First Time An apartment in Ukraine has become the first-ever property to be bought and sold using blockchain, potentially heralding a new era of transparent and efficient real estate transactions. Ukrainian developer Mark Ginsburg sold the Kiev property to Michael Arrington, co-founder of the tech news site TechCrunch, for $60,000 via smart contracts on the Ethereum blockchain. Blockchain, an online ledger first developed as the core technology behind the virtual currency bitcoin, makes transactions more transparent while improving the process of conveyancing and eliminating paper contracts and costly lawyerfees. Keep up with this story and more by subscribing now The sale took place last month, but the transaction was announced only last week by Propy, a real estate startup and decentralized title registry that assisted Arrington with buying the apartment. Im thrilled to see Propy leading the charge in putting real estate on the blockchainbringing transparency, efficiency and security to an industry traditionally fraught with red tape and bureaucracy, said Natalia Karayaneva, CEO of Propy. Ukrainian real estate is very affordable, and the Ukrainian market will soon be growing dynamically. The ethereum virtual currency logo is displayed on an ATM at the Coin Trader bitcoin retail store in Tokyo on August 30. Tomohiro Ohsumi/Bloomberg via Getty Images Karayaneva believes the purchase could be a precursor to more foreign investment in the Ukrainianproperty market, particularly from China, which hasstrict capital controls of $50,000 per person, meaning it is difficult for wealthy Chinese to move cash outside the country. As far as I can tellthis is first time, or one of the first times, a real asset other than a crypto currency Continue reading >>

What Can You Do With It

What Can You Do With It

The purpose of this page is to serve as an introduction to the basics of Ethereum that you will need to understand from a development standpoint, in order to produce contracts and decentralized applications. For a general introduction to Ethereum, see the white paper , and for a full technical spec see the yellow papers, although those are not prerequisites for this page; that is to say, this page is meant as an alternative introduction to Ethereum specifically targeted toward application developers. Ethereum is a platform that is intended to allow people to easily write decentralized applications (apps) using blockchain technology. A decentralized application is an application which serves some specific purpose to its users, but which has the important property that the application itself does not depend on any specific party existing. Rather than serving as a front-end for selling or providing a specific party's services, a app is a tool for people and organizations on different sides of an interaction use to come together without any centralized intermediary. Even necessary "intermediary" functions that are typically the domain of centralized providers, such as filtering, identity management, escrow and dispute resolution, are either handled directly by the network or left open for anyone to participate, using tools like internal token systems and reputation systems to ensure that users get access to high-quality services. Early examples of apps include BitTorrent for file sharing and Bitcoin for currency. Ethereum takes the primary developments used by BitTorrent and Bitcoin, the peer to peer network and the blockchain, and generalizes them in order to allow developers to use these technologies for any purpose. The Ethereum blockchain can be alternately described a Continue reading >>

What Is Ethereum? A Step-by-step Beginners Guide

What Is Ethereum? A Step-by-step Beginners Guide

If you want to know what is Ethereum and how it works and what it can be used for, without going deep into the technical abyss, this guide is perfect for you. Important Note: This guide assumes a basic understanding of blockchain technology. If youre unfamiliar with blockchain, check out this step by step introduction for beginners . Beyond Bitcoin & first generation decentralized applications Although commonly associated with Bitcoin , blockchain technology has many other applications that go way beyond digital currencies. In fact, Bitcoin is only one of several hundred applications that use blockchain technology today. [Blockchain] is to Bitcoin, what the internet is to email. A big electronic system, on top of which you can build applications. Currency is just one. Sally Davies, FT Technology Reporter Until relatively recently, building blockchain applications has required a complex background in coding, cryptography, mathematics as well as significant resources. But times have changed. Previously unimagined applications, from electronic voting & digitally recorded property assets to regulatory compliance & trading are now actively being developed and deployed faster than ever before. By providing developers with the tools to build decentralized applications, Ethereum is making all of this possible. At its simplest, Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. Is Ethereum similar to Bitcoin? Well, sort of, but not really. Like Bitcoin , Ethereum is a distributed public blockchain network. Although there are some significant technical differences between the two, the most important distinction to note is that Bitcoin and Ethereum differ substantially in purpose and capabil Continue reading >>

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